Home Baking Ingredients Market Predicted to Reach $12.7 Billion by 2030, Reports MarkWide Research
MarkWide Research unveils its latest report, “Home Baking Ingredients Market,” forecasting substantial growth in the global market for home baking ingredients. The market is expected to reach a valuation of $12.7 billion by 2030, with a projected compounded annual growth rate (CAGR) of 4.8% from 2023 to 2030. This growth is driven by the increasing popularity of home baking, driven by factors such as the love for homemade treats, the desire for healthier options, and the joy of creative culinary expression.
Home baking ingredients encompass a wide range of products, including flour, sugar, baking powder, yeast, flavorings, and more. As more individuals turn to home baking as a hobby and a means of creating delicious and nutritious food, the demand for quality ingredients continues to rise.
Key Findings from the Report:
- Rising Interest in Baking: The COVID-19 pandemic and lockdowns sparked a surge in baking as a popular home activity, fostering a renewed interest in baking ingredients.
- Healthy and Natural Ingredients: Consumers are increasingly seeking natural, organic, and healthier baking ingredients, driving the demand for specialty products.
- Convenience and Time-Saving: The availability of pre-mixed and easy-to-use baking ingredients appeals to consumers seeking convenience in their baking endeavors.
- Innovative Flavors: Novel flavorings and ingredient combinations are influencing baking trends, encouraging experimentation in home kitchens.
Segmentation of the Home Baking Ingredients Market:
The home baking ingredients market is segmented based on product type, distribution channel, and region.
By Product Type:
- Flour
- Sugar
- Baking Powder
- Yeast
- Flavorings
- Fats and Oils
- Others
By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail
- Specialty Stores
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Regional Insights:
- North America: North America is expected to lead the global home baking ingredients market due to a strong culture of home baking and the availability of diverse ingredients.
- Europe: Europe is witnessing substantial growth in the market, with consumers gravitating towards specialty and artisanal baking ingredients.
- Asia Pacific: The Asia Pacific region is poised for rapid expansion, attributed to changing lifestyles, urbanization, and the popularity of Western-style baked goods.
- Latin America and Middle East & Africa: These regions are experiencing growth as consumers embrace home baking as a creative and enjoyable pastime.
Competitive Landscape:
The home baking ingredients market features several key players competing for market share. Leading companies are focused on product innovation, offering a wide range of specialty and convenience-oriented baking ingredients.
Some of the prominent players in the home baking ingredients market include:
- Archer Daniels Midland Company
- Cargill, Incorporated
- Associated British Foods plc
- Ingredion Incorporated
- Kerry Group plc
- AAK AB
- Lallemand Inc.
- Lesaffre et Compagnie
- Royal DSM N.V.
- Dawn Food Products, Inc.
Future Outlook:
The global home baking ingredients market is poised for substantial growth, with an estimated market size of $12.7 billion by 2030. As home baking continues to be a beloved pastime and creative outlet for individuals worldwide, the demand for quality and innovative baking ingredients is expected to rise. MarkWide Research’s comprehensive report offers valuable insights into market trends, competitive dynamics, and regional developments, making it an essential resource for businesses, investors, and stakeholders interested in capitalizing on the opportunities presented by the growing home baking ingredients market.